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I paid a fortune in taxes for my retail business last year.

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Hi! I paid a fortune...
Hi! I paid a fortune in taxes for my retail business last year. Any suggestions on items I should purchase to hopefully offset some of the expense this year???
Submitted: 1 year ago.Category: Finance
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Answered in 1 hour by:
10/28/2016
Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,325
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. Congratulation on your successful year. If you purchase equipment you would benefit from section 179 expense (accelerated depreciation). You would be able to immediate write off up to $500,000 in equipment. Of course, to be able to do this you must have taxable income in this amount. For instance, if you taxable income was $400,000 and you purchased $500,000 of equipment you would be able to claim a section 179 expense of $500,000. You would only be able to use $400,000 in the current year. The remaining $100,000 would carry forward to the next year. If you had $700,000 in income you would be able to apply the entire $500,000 to reduce your income to $200,000. Of course this strategy only makes sense if you need this equipment.

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Financial Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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